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Model Question Paper Project Risk Management Subject Code-PM0017 Part A-1 Marks question

Q. No. Question Statement The analysis which uses source of risk, project technology issues and the issues related to the internal resources is ________________________________.

a. Root cause analysis b. Assumption analysis c. Checklist analysis 1 d. SWOT analysis The __________enables the organisation to improve its processes and achieve the main goals successfully. a. Organisational design b. Risk management c. Quality management 2 d. Risk control The ________________-are risks that exist even after the application of all the proposed risk control measures. a. b. c. d. Residual risks Mitigated risks Transferred risks Accepted risks

If the services supplied by key supplier are inadequate and are delayed, the impact of risk is________________ a. b. c. d. 4 It is the responsibility of _________________________to update project risk manager regarding the progress of action plans implemented in the project. a. Project team members b. Project risk custodians c. Project risk profile owners 5 d. Project risk team members. Threats and concerns should be ___________________________ a. Ignored quickly b. De-escalated quickly c. Escalated quickly 6 d. Escalated slowly The _______________are the visual representation of data which show the comparision of visual representation of data collected. a. b. c. d. 7 Events can produce other actions that are not in the original 8 ___________________________. Graph Check sheet Histogram Pareto chart Catastrophic Medium Major Minor

a. Project schedule b. Time schedule c. Resource schedule d. Action schedule The arrangement of risk items into labelled rows and columns within a table is called ___________________________________. a. b. c. d. 9 Which of the following is used on opportunities when the organisation wishes to assure the opportunity is realised? a. b. c. d. 10 Performance incentive is an expectation that _______________people to behave in a certain way. a. Encourages b. Discourage c. Commands 11 d. De-motivates The _____________risks are beyond the control of the project team. a. Internal b. External c. Input Risk exploitation Risk enhancement Risk sharing Risk contingency Work Breakdown Structure Categorising Matrix Listings

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d. Output Every _______________________months a project review shudl be implemented to check the status of the project. a. Two b. Seven c. Six 13 d. Four It is important to _____________the consequences of the risk occurrence if it cannot be eliminated altogether. a. Avoid b. Transfer c. Mitigate 14 d. Accept Scheduling is essentially the process of planning for use of personnel and __________________ a. Customer b. Needs c. Equipment resources 15 d. Human resources Probability and outcomes of the events can be obtained from _________________data. a. Statistical b. Historical c. Ordinal 16 d. Interval Risk analysis is considered as ____________________science. a. Complex b. Simple c. Uninfected

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d. Single phase Effective and thorough _________________is the best option available to identify risks at a lower cost is the best option available to identify risks at a lower cost. a. b. c. d. 18 The implementation of risk management process can be successfully by combining risk management with the _______________ a. Existing organisational processes b. Out-dated c. Risk assessment process 19 d. Planned organisational processes Adequate preparation is an element to ensure a smooth transition to ______________________ a. Project schedule b. Project performance c. Resource schedule 20 d. Resource scope Organisations follow a ___________________to deal with the vagaries of new world of commerce and to sustain in the competitive market. a. Change management plan b. Change process c. Change control policy 21 d. Change management Schedule risks are found in large numbers in the __________________22 a. Updated risk register/database Negotiation Contracting Performance reports Outsourcing

b. Project Experience Risk Information Library (PERIL) database c. Updated risk response plan d. Contingency plans Sustaining the ___________________management is considered a major function of corporate leadership in the risk-planning phase. a. Culture of risk b. Team c. Financial 23 d. Resource Expand TRM: a. Team Risk Management b. Total Resource Management c. Total Risk Management 24 d. Total Resource Marketing When planning for ________________activities, specific transition is required.

a. Functional b. Managerial c. Closure 25 d. Risk An effective and disciplined planning of a project is directly related to _______________________ a. Customer satisfaction b. Project schedule c. Customer feedback 26 d. Project staff Which among the following changes is referred to as first order or incremental changes? 27 a. Continuous change

b. Episodic change c. Planned change d. Unplanned change The initial step in project audits is t allocate someone to take on the role of _______________________ a. Project manager b. Risk owner c. Project auditor 28 d. Project risk partner Expand ALE a. Acceptable Loss Expectancy b. Annualised Loss Expectancy c. Acceptable Level Expectancy 29 d. Annualised Level Expectancy To ensure that the organisations risk management processes are managed to acceptable levels, we perform _________________ a. Risk Register b. Risk Audits c. Issue log 30 d. Risk Evaluations A risk management plan varies according to the ____________________of the project. a. Size b. Objectives c. Importance 31 d. Budget ________________risk includes damages caused to the physical resources. a. Physical b. Human

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c. Financial d. Time The ________________includes expected business usage of the solution and its key characteristics. a. Business requirements b. Functional requirements c. Business user requirements 33 d. Software requirements Risk management covers _____________________planning of how major risks will be mitigated and handled once identified. a. Back-end b. Team management c. Front-end 34 d. Quality ________________is considered as the main source for project success or failure. a. b. c. d. 35 Of a risk event has probability of ________________________, then we say the event is no longer a risk. a. b. c. d. 36 Without _____________the change management process is destined to fail. 37 >0.85-<=0.95 >0.95 - <1 >0.75 - <= 0.85 1 Time Opportunity Performance Resource

a. Facilitation b. Education c. Resistance d. Accountability Cost baseline is __________________phase budget. a. Single b. Time c. Multi 38 d. Four Any error in ___________________- could lead to cost, time and effort overruns which in turn gives rise to risks. a. Activity list b. Risk plan c. Estimates 39 d. Risk management The ______________________method must identify the root cause of risk. a. b. c. d. Risk identification Interview Brainstorming Risk categorisation

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Part B -2 Marks question


Q. No. Question Statement Organisational change management theories effectively support how to deal with __________________ and ____________________change.

a. Transformational, episodic b. Developmental, transitional c. Planned, continuous 41 d. Radical, episodic Which of the following are response strategies for opportunities (Positive risks)? a. b. c. d. 42 The two main attributes of probability chart are______________and _________________. a. Probability, impact b. Complexity, impact c. Crashing, probability 43 d. Crashing complexity Implementing a project risk audit can ensure that your project _______________and __________________ a. Accept risks, stay on track b. Avoids risks, stays on budget c. Stays on track, on budget 44 d. Transfer risks, stays on track Which of the following are the sources of specific scope risk? 45 Share, enhance Enhance, transfer Mitigate, accept Avoid, exploit

a. External dependencies and interfaces, project dependencies b. Project timelines, information systems c. Compulsory use of technologies, Large Work Breakdown Structure (WBS) d. Multiple critical paths, High-ambiguity estimates Change in ___________________may add risks to functional manager responsibilities , especially if they are ____________________with that. a. Technology, unfamiliar b. Technology, familiar c. Technology, comfortable 46 d. Team, unfamiliar Risk Management helps in risk identification and understanding, that minimises _________________and maximises_____________________. a. Opportunities, threats b. Project performance, threats c. Threats, opportunities 47 d. Opportunities, project performance. In result of brainstorming, _______________are ways of doing things or the procedure followed to accomplish a task and ______________________in software usually refers to the hardware. a. Method, Machine b. Machine, method c. Measurement, machine 48 d. Management, method State whether the following statements are true or false: 1. Risk transfer makes the best case scenario less good, the worst case scenario less bad. 2. Risk transfer displaces the expected monetary valu towards higher benefit. 49 a. 1T,2T

b. 1F,2F c. 1T,2F d. 1F,2T Managers are required to report on the development of __________________at ______________a. Risk treatments, regular intervals b. Programs, regular intervals c. Projects, regular intervals 50 d. Risks, regular intervals The Risk Breakdown Structure can also be a common platform for _______________riskrelated information from each project once the project is ________________ a. Solving, Affected b. Analysing, Complete c. Analysing, Affected 51 d. Solving, Complete Program management is a collaborative effort which requires corporation between _______________________and _______________________. a. Program managers, functional department managers b. Functional , non-functional department managers c. Program manager, non-functional department managers 52 d. Project managers, functional department managers After the project closure, a post implementation review is completed to determine the ___________________and recognize the ____________________

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a. b. c. d.

Project managers, program administrator Program developers, program administrator Project success, lessons learned Project designers, lessons learned

Documentation should be a part of ___________________and _____________________of on-going programs.

a. b. c. d. 54

Development, Updation Testing, Updation Implementation, Testing Evaluation, Monitoring process

Risk management process will result in : 1. 2. 3. 4. Improving the decision-making, prioritisation, and planning Helps you in allocating the capital and resource effectively Not planning to prevent disasters Maximising the amount of fire-fighting that you want to do.

a. 1 &2 b. 1 & 4 c. 2 &3 55 d. 2 &4 Lack of transparency arises due to :

1. 2. 3. 4.

Poor communication Unclear tolerance Sharing of both internal and external risks Clear tolerance

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a. 1,2 b. 2,3 c. 1,3

d. 2,4

________________includes analysing the ways to perform the work faster without__________________the resources. a. Staffing alternatives, increasing b. Resource analysis, increasing c. Resource analysis, decreasing 57 d. Staffing alternatives, decreasing Documenting the ____________-and __________________form essential elemnets of risk interview. a. Risk ranges, decisions b. Projects, risk ranges c. Risk ranges, assumptions 58 d. Cost of projects, assumptions State whether the following are true or false 1. Rules of thumb is used in decision-making 2. Having the responsibility of managing the different risks does not leads to the confusions. a. 1F,2F b. 1T,2F c. 1F,2T 59 d. 1T,2T Which of the following can be placed under Level 2 of RBS for a generic project? 1. 2. 3. 4. 60 Condition of use Environment Customer Organisational stability

a. b. c. d.

2,3 1,3 2,4 1,4

Part C-4 Marks question


Q. No. Question Statement Consider a scenario where you want to have an insight in the working procedure of a project team, to identify the risk involved in the project using a risk identification method. However, with the use of this risk identification method the risks that have already been solved may resurface. Which risk identification method are we taking of in this scenario?

a. Study specialist literature b. Research resources c. Study project documentation 61 d. Research interfaces State whether the following statements are true or false. 1. Resistance may take many forms, including active r passive, obvious or concealed, individual or organised and hostile or timid. 2. Change management process is bound to succeed where people are respected and are involved in decisions 3. The adoption of new ideas involve changing human behaviour, and the

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reception of change 4. It is the responsibility of managers to be active change agents who inculcate reception of change. a. 1T,2T,3T,4F b. 1F,2T,3T,4F c. 1F,2F,3T,4F d. 1F,2F,3F,4T Match the following sets: First Set A. B. C. D. Outsourcing risk Procurement planning Negotiation Resource risks

Second Set 1. 2. 3. 4. Make-or-buy analysis Payment for result contract PERIL database Not to exceed limitation

a. A-2,B-4,C-1,D-3 b. A-4,B-3,C-1,D-2 c. A-2,B-3,C-4,D-1 63 d. A-3,B-1,C-2,D-4 Match the following: Set A: 64 1. Money risk

2. People risk 3. Estimate risk 4. Delay risk Set B A. B. C. D. Results from time difference on global projects Results from unrealistic deadlines imposed on the people working in projects. Results from insufficient staff. Results from limited funds.

a. 1-D,2-B,3-C,4-A b. 1-A,2-C,3-B,4-D c. 1-D,2-C,3-B,4-A d. 1-A,2-B,3-C,4-D Taking feedback of _________________________, __________________ and other ________________________will help organisations to analyse the project life cycle.

a. Team members, customers, organisations b. Management committee, customers, stakeholders c. Team members, customers, stakeholders 65 d. Team members, vendors, stakeholders Identify which of the following are the characteristics that all requirements defined for the project or the organisation must possess.

1. 2. 3. 4. 66

The requirement must be unambiguous The requirements defined for the prohect or the organisation must be specific The requirement must be easy to develop and maintain The requirement must be testable.

a. 1,2,3,4

b. 1,2,3 c. 1,3,4 d. 1,2,4 Identify the phases of risk management process. 1. 2. 3. 4. Analyse risks Accept risks Communication and consultation Identify risks

a. 1, 2 &3 b. 1, 3 &4 c. 1,2 &4 67 d. 1,3 &4 Match the following sets: Set A: A. B. C. D. Set B: Risk Event Probability is > 0.15 - <=0.25 Risk Event Probability is > 0.45 - <= 0.55 Probability of Occurrence is 61-90% Risk Event Probability is > 0.05 - <=0.15

1. 2. 3. 4.

Event is likely to occur Event is almost sure not to occur Rating is Medium Not likely to occur

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a. A-2,B-4,C-1,D-3

b. A-4,B-3,C-4,D-1 c. A-3,B-1,C-2,D-4 d. A-2,B-3,C-4,D-1 SMT improves, builds up successful __________________, emphasises taking initiative, and encourages ________________________________

a. Combined skills, team members, data sharing b. Individual skills, team members, data sharing c. Software skills, team members, data hiding 69 d. Combined skills, team members, data hiding Match the following sets: First Set A. B. C. D. Cost- benefit analysis Safeguard implementation plan Implement selected control (s) Prioritise actions

Second Set 1. 2. 3. 4. Results in residual risks Ranking f actions Action plan Assist management in decision making

a. A-2, B-4, C-1,D-3 b. A-4,B-3,C-1,D-2 c. A-2,B-3,C-4,D-1 70 d. A-3,B-1,C-2,D-4 Match the following sets: 71

First Set: A. B. C. D. Audit interview development Success criteria Control risk Detection risk

Second Set: 1. 2. 3. 4. Open-ended questions Interviewing the core sponsor and project manager Less substantive testing Clients internal control policies and actions

a. A-1,B-2,C-3,D-4 b. A-4,B-2,C-3,D-1 c. A-1,B-2,C-4,D-3 d. A-2,B-3,C-4,D-1 Program schedules provide adequate __________________to ensure that the ______________________is comprehensive and respond to the ________________ and product functionality. a. Resources, program, supplier requirement b. Time, program, supplier requirement c. Time, work breakdown , customer requirement 72 d. Risk managers, program, customer requirement S.G. enterprises are a textile manufacturing company and it has agreed to provide tons of textiles to one of the garments. In its busy schedule, the company has identified a risk in colouring department. As a result of this, some of the employees resigned their jobs. Because of the shortage of workforce, the manufacturing process became slow. To overcome this risk the company has to follow some strategies. Identify the strategies which the company can follow with the risk provided in this scenario. 73

a. Avoid, accept, exploit, share b. Transfer, avoid, mitigate, accept c. Avoid, enhance, share, accept d. Mitigate, avoid, exploit, share State which of the following are examples of Risk mitigation. 1. Conducting more seismic or engineering tests 2. Increasing the resources or time of the schedule 3. Making a prototype for growth to lessen the risk of scaling up from a bench scale model. 4. Avoiding an unknown subcontractor.

a. b. c. d. 74

1,2,3,4 1&3 1,3,4 1,2,3

Identify the correct ordering of the steps of risk analysis. a. b. c. d. Reviews managing risks estimating risks identifying threats Identifying threats estimating risksmanaging risks reviews Managing threats identifying threats estimating risks reviews Identifying threats estimating risk reviews managing risks

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